Question - The accounts of Consolidated Can contain the following amounts at December 31, 2012:
Cost of products sold $410,000
Dividends 3,000
Extraordinary gain (net of tax) 1,000
Income taxes 9,300
Interest expense 8,700
Other income 1,600
Retained earnings, 1/1 270,000
Sales 480,000
Selling and administrative expense 42,000
Required - Prepare a multiple-step income statement combined with a reconciliation of retained earnings for the year ended December 31, 2012.